Business Report:

“The total number of insolvencies recorded for August 2008 increased by 17,7 percent – from 198 to 233 – when compared with August 2007, Statistics SA (Stats SA) said on Tuesday.

The total number of insolvencies recorded for the eight months ended August 2008 increased by 47.8 percent – from 1 276 to 1 886 – compared with the eight months ended August 2007, Stats SA added.

T-SEC economist Mike Schussler said the high number of insolvencies indicated that people were getting into “real trouble” in spite of the debt counselling that was on offer.

“There is no doubt that the economy is slowing,” Schussler said.

According to Stats SA, the total number of liquidations decreased during September 2008 and the first nine months of 2008.”

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